All Forum Posts by: Suzanne O'Brien

@Christopher Lombardi what do you charge for the daily late fee?

@Joe Splitrock thanks for all this info on cozy!

Thank you for all the great feedback! He did accept the cozy invitation last night, but has not added a payment account yet. @Russell Brazil alternate methods were discussed, he said he would look into it but almost 2 months passed with no feedback, so I decided to use cozy. @John Underwood that is an option I would be ok with as well and we did discuss this but my preference is electronic so there is no excuse regarding banks being closed or being too busy to get there.

@Jason G.  right, since the lease specifically said ACH he should have brought it up at that point if it was a problem.

As @Carey Nelson said I feel it’s just not a priority for him right now. @Account Closed, thanks I need to keep in mind that I can’t expect everyone to do what I would do if I was the tenant.  

I'm sure we will work it out after this first month.  Obviously the cozy payment is not going to go through by Tuesday at this point so if he doesn't contact me today to figure out another means of payment I will call him tomorrow to remind him of the late fee.

Thanks everyone!

Hi All! I'm new to being a landlord.  Used a realtor friend of my husbands and picked a tenant that came recommended by the realtor.  He did fill out an application provide all of the necessary paperwork and reference.  He was really quick to secure the rental since there was a lot of competition and gave us the deposit and first months rent in November.  My husband and I talked to him in Dec about ACH payments and that we wanted rent electronically, he said he would look into in on his side with his bank.  I heard from him twice regarding that, he initiated the communication, but it was like, I forgot and I didn't have a chance to do this yet.  He moved in Feb 1.  By mid Feb I decided to use Cozy and communicated this to him, although he was very rushed/busy.  I invited him and he responded via email that he would set it up.  He still has not set it up.  I send a new invitation every 3 days.  Are these signs of problems to come or am I just being paranoid?  What are my options if I don't receive the rent?  It is written in the contract that there will be a late fee after the 5th, however I don't want to deal with him every month trying to mail a check or telling me he has some problem.  Any tips or advice in a similar situation would be greatly appreciated!

I live in the Jersey Shore area of NJ and I am interested in a house that was damaged by Sandy and is in a high flood zone. This house would be worth more if it was knocked down and rebuilt (as is the flood insurance is high, BFE is 9ft) however I don’t have the funds to do this on my own. After talking to the realtor and a contractor it would be roughly 500k to purchase and rebuild, comps in the area show the house should sell for at least 700k new. Hard money loans seem really expensive with the interest fees and points. Can anyone share the details of a hard money loan they used? Or any other thoughts and suggestions on this, maybe seller financing? Thank you!